Pearson Secures Subsidies to Move Jobs from New Jersey
London-based media company Pearson PLC is expected to receive at least $13.5 million -- and potentially as much as $50 million -- in incentives offered by New York City and State to relocate approximately 650 jobs to Hudson Square in Lower Manhattan. The creation of new jobs at the New York City location is not a requirement for the firm to receive the incentives. Pearson, which owns the Financial Times and Penguin Group US among other holdings, currently has offices nearby at two separate locations on Hudson Street, and is claiming the tax incentives as part of an effort to consolidate operations from its Upper Saddle River, New Jersey locations and some from White Plains, NY.
Read more about the deal:
- New York Times article
- Crain's New York Business
- Press Release, September 19 2011
Pearson is also receiving up to $82.5 million in subsidies from New Jersey, to relocate half of its Upper Saddle River, New Jersey employees to Hoboken. For more on the NJ-side of the deal, see:
- NJbiz article
- Commercial Observer, Garden State of Mind: Pearson and the Negotiations Behind its Hoboken Deal, Feb 21, 2012
Special thanks to our friends at New Jersey Policy Perspective for bringing light to the New Jersey Economic Development Authority approval of $82.5 million in tax credits to Pearson through the Urban Transit Hub Tax Credit Program.
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